In upstream terms, this means developing both a regional, fully integrated drilling company and oil and gas concessions with partners that may also seek to partner with ADNOC in other parts of the value chain.
In midstream terms, the company is creating a new energy infrastructure venture to help optimize its existing assets.
The initiative is part of a program to speed up delivery of ADNOC Group’s 2030 strategy, the main goals of which include building a more profitable upstream business, and an economic and sustainable supply of gas forAbu Dhabi.
ADNOC adds that it has formulated clear criteria for selecting new partners, such as the ability to secure improved access to the world’s fastest growing target markets for its products, and a willingness to contribute technical expertise and co-develop new technologies alongside ADNOC’s own capabilities.
It will also look to broaden the range and type of partners it works with, to include, for example, specialist infrastructure and energy investors, long-term global investment institutions and other energy and services players, while also deepening its engagement with existing partners.
Over the past year, the company says it has been adapting to evolving market needs by maximizing operational efficiencies, increasing crude oil production capacity targets, reducing costs, and focusing on the application of new and innovative technologies for enhanced oil recovery.